Guinea Business
• Main exports: Aluminium, gold, diamonds, coffee, fish, bauxite and agricultural products.
• Main imports: Petroleum, metals, transport equipment, textiles and grain.
• Main trade partners: France, Côte d'Ivoire, USA, Cameroon, China, Korea (Rep) and Russia.
Economy
The main part of the industrial economy is mining. Guinea has huge reserves of bauxite (perhaps one-quarter of the world’s total) which account for more than 90% of export earnings; there are also substantial diamond deposits. Guinea also boasts massive hydroelectric power potential, some of which has been tapped.
The country’s economic progress has, however, been hampered by the absence of the necessary legal, corporate and governmental machinery, allied to corruption and maladministration. For the time being, Guinea will continue to depend on substantial foreign aid, principally from France, although it is also deriving growing benefit from burgeoning regional co-operation: Cameroon, for example, processes much Guinean bauxite ore to produce aluminium.
Guinea is a member of both the Mano River Union (with Liberia and Sierra Leone) and of the Gambia River Development Organisation (with The Gambia and Senegal). The country is also a member of the West African economic community, ECOWAS.
Business Etiquette
Office hours: Mon-Thurs 0800-1630, Fri 0800-1300.
Business Contacts
BP 545, Conakry, Guinea
Tel: 454 516.
Fax: 454 517.
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